In light of my earlier post about a new record set in the Toronto Real Estate Board for highest percent of list price ever offered and accepted, I thought it would be beneficial to talk about what are the different ways that you can make sure your offer stand out from the competition and accepted by the seller.
- Offer over asking price – A lot of sellers are concentrated on the dollars hence it’s the first item they look for in an offer.
- Letters to sellers – This is an item that I’ve used numerous times and occasionally works with sellers who would ignore a higher offer to favor someone they can relate to.
- Shorten your condition periods – It’s best to review your conditional period and reduce them. When making purchases of condominiums, you can offer to pay for the status certificate, usually a charge of $100 for the seller, or if there have been lots of properties closed in the near past, remove the condition
- Offer an all cash offer – Remove all conditions from your offer making it a firm and all cash offer for the seller.
- Review the details of what the seller is expecting with the listing agent before hand. Don’t call the listing agent repeatedly to find out about what’s happening with the offers.
- Present your offers in person (or at least have your agent be present) at the presentation table
- Offer a bigger deposit – Larger deposits show that your buyers have cash available for their down payment and are serious about the purchase
- Make your deposit herewith and provide a check along with the offer when presenting
- Offer a letter from the lender stating that your buyers are qualified for the purchase being made
- Offer to pay for the seller’s closing costs
Above are some of the items that I’ve used in my career. What other tactics or strategies have you used? Please leave a comment in the section below.